Business
Bridgeline Announces Financial Results for the Second Quarter of Fiscal 2020
Recurring Revenue Increases by 42% Woburn, Mass., May 14, 2020 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ: BLIN), The Digital Engagement Company™,
About this update from Bridgeline Digital, Inc.
[{"type":"text","content":"Recurring Revenue Increases by 42%\nWoburn, Mass., May 14, 2020 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ: BLIN), The Digital Engagement Company™, today announced financial results for its fiscal second quarter ended March 31, 2020.\n “Bridgeline continues to win new customers and provide even greater strategic value to our existing customer base during the COVID-19 crisis,” said Ari Kahn, Bridgeline’s President and Chief Executive Officer. “Today our customers increasingly rely on their online stores and portals powered by Bridgeline for business continuity in providing products, services and critical communication to their customers, prospects and employees. Bridgeline is well- positioned to continue to provide premium services and strategic value to our customers during these challenging times.” “This year, Bridgeline has focused on making its products even more turn-key and out-of-the-box to enable a fast telephonic sales cycle and reduce costs of implementations,” continued Mr. Kahn. “This strategy is well aligned with the challenges created by the pandemic. We have seen, and expect to continue to see, strong license subscription renewal rates within our customer base. Professional services have slowed as customers are adjusting to remote work. With our business plan driven by lower cost implementations, increased customer satisfaction and high subscription renewal rates, we expect to achieve our business goals this year.” Second Quarter Summary: Total revenue increased 20% to $2.7 million for the quarter ended March 31, 2020, as compared to $2.2 million for the same period last year. Recurring revenue, which is comprised of SaaS licenses, maintenance and hosting revenue, increased 42% to $1.8 million for the quarter ended March 31, 2020, from $1.3 million for the same period last year. Subscription and perpetual licenses revenue, which is comprised of recurring revenue and perpetual license revenue increased 63% to $1.5 million for the quarter ended March 31, 2020, from $1.0 million for the same period last year. Services revenue was consistent at $900,000 for the quarters ended March 31, 2020, and 2019, respectively. As a percentage of total revenue, Services revenue decreased 9% to 33% of total revenue for the quarter ended March 31, 2020, compared to 42% for the same period last year. Operating expenses remai...